Report reaching us has it that the Supreme Court of Nigeria has temporarily stopped the withdrawal of old Naira Notes from circulation in Nigeria.
The Central Bank of Nigeria had announced a February 10, 2023 as deadline for the change from the old to new Naira notes.
That announcement was according to CBN Governor, Mr. Godwin Emefiele, shortly after meeting President Muhammadu Buhari in country home of Daura, Katsina State, recently.
The DEFENDER had reported former Corps Commander Ordnance Nigerian Army, Major General Abdullahi Adekunle Martins (Rtd), as saying the old/new Naira notes and physical/online financial transactions should co-exist until things would naturally sort themselves out.
General Martins’ position was informed by revelation by Governor of Kaduna State, Mallam Nasir el-Rufai, who said targets of the new Naira notes policy already had their way as bulk of the N300 billion new notes released by CBN had gotten into the hands of politicians.
El-Rufai, in a report by The DEFENDER of current realities continuing to show that Nigerians, whether as public servants or private workers, have no moral, spiritual and sincere patriotism to do things rightly unless the government evoke the option of force, had revealed what appeared to be two immediate causes of new Naira notes scarcity that put pressure on the new money policy lately thereby snowballing into pockets of crisis in Ibadan, Oyo State and Warri, Delta State on last Friday.
He said the Central Bank of Nigeria (CBN) printed and released N300 billion worth of new Naira notes and, giving what is believed to be the second reason, added that only one governor got from one bank N500 million worth from the new cash released into circulation. He said in an interview with BBC Hausa Service that targets of the naira redesign policy, already had their way.
“It is not wrong to change currencies, every country do but you can not change it at this season of elections and give this limited time, where in this world that ever happened? Politicians and big businessmen who are targeted by the policy have their ways of accessing the new notes, some of them own the banks, but what of poor, petty traders?
“All APC governors met on the issue, we saw how people suffer, we support the change of currency but time should be extended to months.
“We said let CBN, banks managers and we governors sat and discussed the issue, let’s work together and have a proper plan on how to go about it, we should have plans to follow people to their homes, villages and change the notes for them but not forcing them to go to banks which take some of them a hundreds kilometers.
“I tell you this change does not affect politicians, they have their money and they are prepared, they know how to access the new notes, it is poor don’t have ways, even yesterday (Thursday) we were told one of the governors was given 500 million of the new notes,” El-Rufai had said last weekend as published by this online newspaper.
According to a media report, El-Rufai’s thought aligns with that of Senator Rabiu Kwankwaso, who also said the policy would not affect the rich.
Earlier last Friday, the Governor of Kaduna State, flanked by his Kano State counterpart, Dr. Abdullahi Ganduje while briefing journalists on the outcome of a meeting with President Muhammadu Buhari in the Aso Rock Presidential Villa, the All Progressives Congress (APC) governors had appealed to the President to allow both the old and new naira notes to co-exist to ease the suffering of Nigerians.
He said although the Central Bank of Nigeria (CBN) mopped up over N2 trillion of the old notes in circulation, only N300 billion worth of new notes were printed.
The governor said if the CBN intends to implement the cashless policy, the apex bank should have printed at least half of what was mopped up, adding that the governors told the President that the masses are suffering and traders are losing their goods due to a lack of patronage.
The Kaduna governor however said the President did not decline or approve the request.
He said Atiku Bagudu, Governor of Kebbi State and Chairman of the Progressive Governors Forum, was meeting with the President privately in a bid to convince him to shift ground on the matter.
It will be recalled that after meeting with the APC governors Friday, President Buhari, in a statement by his Senior Special Assistant on Media and Publicity Malam Garba Shehu, asked Nigerians to give him seven days to enable him take a major decision on the new Naira policy.
While the President and his team are thinking about what to do, The DEFENDER reports that since the targeted politicians already have their way as the bulk of the only new notes in circulation are already in their hands meaning that even terrorists will now also have access to the new notes, it will be of no need to allow innocent Nigerians bear the brunt as the policy no longer serves its purpose.
It was gathered that Kingdom of Saudi Arabia, United States of America and neighbouring Republic of Benin, a currency denomination are seen in different paper colours buttressing the APC governors request for President Buhari to allow both old and new currencies co-exist until the old naturally fizzle out.
It will be recalled that the administration of Goodluck Ebele Jonathan did not ban the old N100 note until recently it naturally fizzled under President Muhammadu Buhari.
Many, who have spoken about the unexpected hardship that Nigerians are facing over the poor implementation of the new money policy, said both cashless and cash policies should operate together while enforcers of laws force stakeholders including banks to get their acts together and make all that are required for the cashless policy implementation functional.
Lolade Otitoju, a media executive while speaking on TVC programme, Journalists’ Hangout Friday evening, noted that scarcity of cash would have been impossible, if more than enough notes had been pumped into the circulation.
He said, as a matter of fact, none of cash and cashless transactions should be made to give way for now considering the poor network systems of most of the banks.
Former Corps Commander, Ordnance Nigerian Army, Major General Abdullahi Adekunle Martins (Rtd), told The DEFENDER in an internet call chat on Friday what happened to the poor network system that is making the cashless policy not working.
“Due to pressure on the economy resulting from continued fall in value of Naira, many Nigerians have been lured abroad with dollar attraction. Majority of quality hands handling the ICT of those banks are among those that have been away and have all gone abroad.
“That is why you see that most of the banks are having problem of network because quality hands are no longer there to take charge of their ICT and even the ones doing it are not well taken care of,” the retired General said.
